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MGTA01H3 (583)
Chapter 7

MGTA03 Chapter 7.docx

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Management (MGT)
Chris Bovaird

MGTA03Summer2011 Chapter 7Managers and Managing The Management Process o The process of planning organizing leading and controlling a business financial physical human and information resources in order to achieve its goals Planning o The portion of a managers job concerned with determining what the business needs to do and the best way to achieve it o 3 main components determine goalsdevelop strategydevelop tactical and operational plans to implement the strategy o Step 1 goals are establishedo Step 2 managers identify whether a gap exists between the desire and actual position o Step 3 managers develop plans to achieve desired goals o Step 4 plans are implementedo Step 5 effectiveness of plan is assessedcomparing actual results with planned performance Organizing o That portion of a managers job concerned with mobilizing the necessary resources to complete a particular task o Creating departments adding resources giving people tools to communicate Leading o That portion of a managers job concerned with guiding and motivating employees to meet the firms objectiveso Teaching and demonstrating leading by example creating incentives Controlling o That portion of a managers job concerned with monitoring the firms performance and if necessary acting to bring it in line with the firms goals o Setting standards and goals monitoring per
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